Austral Bricks sells Sydney industrial sites for $41 million
Austral Bricks is banking $41 million from the sale of adjoining industrial sites in Riverwood, about 18 kilometres south of the Sydney CBD.
The properties – 62 Belmore Road and 11 Bonds Road (pictured top and left) – were offered with a partial-leaseback for 13,262 square metres, for 10 years.
The 9.05 hectare holding sold to a private buyer according to CBRE.
Based on the annual income the asset returns ($1.62 million), it is trading on a 3.95 per cent passing yield.
“The property is one of the south-west market’s largest infill holdings and, thanks to the size and flexibility of the asset, options for use are many and varied,” broker Jason Edge said.
“Owners and occupiers are targeting opportunities in Riverwood ahead of the long-awaited Belmore road motorway ramps. Expected to open in 2019, the two east facing ramps will offer Riverwood direct access to the M5 South West Motorway – a $32 million project, over 20 years in the making,” colleague Ryan Jennings added.
The agents said their expressions of interest campaign, which closed in March, generated 11 offers at the close of round one.
